CORRECTING and REPLACING American Vanadium Corp. Announces NI ?43-101 Technical Report & Increased Resource Estimate for the Gibellini Vanadium Project

Please replace the release with the following corrected version due to
multiple revisions.

The corrected release reads:

AMERICAN VANADIUM CORP. ANNOUNCES NI ?43-101 TECHNICAL REPORT &
INCREASED RESOURCE ESTIMATE FOR THE GIBELLINI VANADIUM PROJECT

AMERICAN VANADIUM CORP. ('American Vanadium? or the 'Company?) (TSX.V:
AVC) (Pink Sheets: RMRCF) has released and filed its National Instrument
43-101 compliant Technical Report to support the press release of
September 12, 2011 entitled "American Vanadium Corp. Announces Positive
Feasibility Study for Gibellini Vanadium Project′.

In addition to disclosure of the results of the feasibility study on
Gibellini Hill, located in the State of Nevada, the Technical Report
includes a first-time mineral resource estimate for the Louie Hill
deposit. The estimate adds an additional 41 million pounds of V₂O₅
in the Inferred category at Louie Hill to the total Inferred mineral
resources at Gibellini Hill that have previously been announced. The
drill total for the Project now stands at over 51,000 feet of drilling
from 280 drill holes, completed by both the Company and previous
operators. The Inferred resource has not been included in the production
schedule or financial analysis of the feasibility study.

The Company′s National Instrument 43-101 Standards of Disclosure for
Mineral Projects ('NI 43-101?) Technical Report was prepared by AMEC E&C
Services, Inc. ('AMEC?) of Sparks, Nevada. AMEC is independent of
American Vanadium and approved the content of the press release dated
September 12, 2011, summarizing the results of the Feasibility Study.

Inferred Louie Hill Mineral Resource Estimate*

Mark Hertel, SME Registered Member

Effective May 20, 2011

American Vanadium intends to conduct both in-fill drilling and further
metallurgical testing on the Louie Hill deposit aiming to upgrade this
resource. Additionally, significant exploration potential remains in the
project area. American Vanadium′s recent geochemical survey has
identified three vanadium oxide anomalies in rock and soils, each of
which is being assessed for exploration.

The Technical Report is filed and available on SEDAR at www.sedar.com
and on the Company′s website at www.americanvanadium.com.

Highlights of the Feasibility Study (after tax):

• 
  Internal Rate of Return (IRR) 43%
  
• 
  Net present value $170.1 million at 7% discount rate
  
• 
  Payback 2.4 years
  
• 
  Average grade 0.302% vanadium pentoxide (V₂O₅ )
  
• 
  Strip ratio 0.22 to 1 (waste:ore)
  
• 
  Mining Operating Rate 3.5 million tons per year (ore and waste)
  
• 
  Average V₂O₅ recovery 65.9%
  
• 
  Average annual production 11.4 million pounds V₂O₅
• 
  Operating cost $4.10 per pound V₂O₅
• 
  Capital cost $95.5 million (incl. $10.7 million contingency)
  
• 
  Average V₂O₅ selling price $10.95 per pound
  (Roskill Consulting Group)
  
• 
  V₂O₅ price range $7.68 - $13.63 per pound
  (Roskill Consulting Group)
  

This press release has been reviewed and approved by Alan Branham, a
Director of the Company, who is a member of the American Institute of
Professional Geologists (CPG#10979), is a Certified Professional
Geologist, and is a Qualified Person as defined by National Instrument
43-101 Standards of Disclosure for Mineral Projects. Field work has been
conducted by American Vanadium employees and contractors and by AMEC.

*

1. The drill hole database used in developing the mineral resource
estimate totaled 7,665 feet in 58 drill holes, and was closed as of 1
May 2011. Drilling was completed by the Company, and previous operator,
Union Carbide

2. Block size was 25 feet x 25 feet x 20 feet. Density data were assumed
using analogies to Gibellini Hill. No grade capping was utilized

3. Ordinary kriging was used as the estimation method

4. Mineral resources are constrained within a conceptual pit shell which
used the following assumptions: Mining (incl. sustaining): $2.64/t
moved; Processing: $8.90/t processed; Stockpile Rehandle: $0.54/t
processed; Sustaining: $0.47/t processed; Closure Costs: $0.29/t
processed; Total Process: $10.34/t processed; G&A: $0.67/t processed;
Recovery: 60% V₂O₅; Royalty: 2%; Cash Flow Price:
$6.5/lb V₂O₅; Resource Price: $12.60/lb V₂O₅;
Selling Cost: $0.374/lb V₂O₅; Overall Pit Slope: 45^o

5. Mineral Resources are reported above a 0.077% V₂O₅ %
cut-off grade

6. Mineral Resources are reported as undiluted

7. Rounding as required by reporting guidelines may result in apparent
summation differences between tons, grade and contained metal content

8. Tonnage and grade measurements are in US units. Grades are reported
in percentages

About AMEC plc

AMEC plc is a focused supplier of high-value consultancy, engineering
and project management services to the world′s natural resources,
nuclear, clean energy, water and environmental sectors. With annual
revenues of over  ?2.5 billion, AMEC designs, delivers and maintains
strategic and complex assets for its customers.

About American Vanadium Corp.

American Vanadium is currently developing the Gibellini Project, a
vanadium deposit located in Nevada, USA. Vanadium is a critical alloying
metal used to strengthen steel and is also growing in importance in the
emerging uses of mass energy storage and next generation
lithium-vanadium batteries. The Company′s Gibellini Vanadium Project is
unique in its ability to have economic production of vanadium for the
steel and alloying industries as well as vanadium electrolyte for the
mass storage industry.

ON BEHALF OF THE BOARD

Bill Radvak, President and CEO

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Statements: This press release contains
'forward-looking information? within the meaning of applicable Canadian
securities laws, including statements regarding the expected use of
proceeds from the Private Placement, and future plans and objectives for
the Gibellini Project. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of American Vanadium to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking information.
Forward-looking information includes estimates of mine production rates
and mine life, revenues from future mining operations, capital and
operating costs, and pay-back period.Factors that may cause
actual results to vary include, but are not limited to, actual results
of current exploration activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future
prices of vanadium; possible variations in reserves, grade or recovery
rates; changes to capital and operating cost estimate, delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities. Although American Vanadium has
attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. American Vanadium does not undertake to update any
forward-looking statements, except in accordance with applicable
securities laws.

American Vanadium Corp.

Bill Radvak, President and CEO

Phone:
(604) 488-5417

Email: bradvak@americanvanadium.com

or

Mike
Hyslop, Director, Corporate Development

Phone: (604) 488-8795

Email:
mhyslop@americanvanadium.com

Web
site: www.americanvanadium.com